Further Encumbrance of Receivables and Other Conveyed Property. (a) Immediately upon the conveyance to the Purchaser by the Seller of the Related Receivables and any item of related Other Conveyed Property hereto, all right, title and interest of the Seller in and to such Related Receivables and Other Conveyed Property shall terminate and all such right, title and interest shall vest in the Purchaser. (b) Immediately upon the vesting of such Related Receivables and Other Conveyed Property in the Purchaser, the Purchaser shall have assumed the sole right to pledge or otherwise encumber such Related Receivables and related Other Conveyed Property.
Appears in 3 contracts
Samples: Receivables Purchase Agreement (Enova International, Inc.), Receivables Purchase Agreement (Enova International, Inc.), Receivables Purchase Agreement (Enova International, Inc.)
Further Encumbrance of Receivables and Other Conveyed Property. (a) Immediately upon the conveyance to the Purchaser by the Seller of the Related Receivables and any item of related Other Conveyed Property heretopursuant to Section 2 above, all right, title and interest of the Seller in and to such Related Receivables and Other Conveyed Property shall terminate terminate, and all such right, title and interest shall vest in the Purchaser.
(b) Immediately upon the vesting of such Related Receivables and the Other Conveyed Property in the Purchaser, the Purchaser shall have assumed the sole right to pledge or otherwise encumber such Related Receivables and the related Other Conveyed Property.
Appears in 1 contract
Samples: Receivables Purchase Agreement (Nicholas Financial Inc)
